Planet Labs adopts program allowing NEOs to receive annual bonus in performance-vesting PSUs

Planet Labs PBC

Compensation Committee adopted program on April 24, 2023 for named executive officers and certain employees.
Participants may elect to receive entire annual bonus as PSUs instead of cash under the 2021 Incentive Award Plan.
PSUs vest based on performance goals; earned payout ranges from 0% to 125% of target.
Target PSU value equals annual bonus target, based on 30-day average closing price before grant.
Settlement in Class A common stock occurs at same time cash bonuses would have been paid.

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